Konark Group plans 100 MW renewable projects in Gujarat, Rajasthan

Konark Group, which is into textiles, plans to set up 100 MW of solar and wind power projects at an investment of Rs 1,000 crore. The power unit will be a subsidiary of the group's listed entity, Konark Synthetics, which is into yarn and garments.

Konark has received an allocation of 5 MW in Gujarat. Land has been identified in Kutch and the company has signed a 25-year power purchase agreement with the Government, which has assured Rs 15 a unit for the first 12 years and Rs 5 a unit for the next 13 years.

Konark has also tied up with the Rajasthan Government for 50 MW of solar power generation. About 410 acres near Jodhpur has been allocated by the State at 10-20 per cent of the ready reckoner value as an incentive to attract the investment. Land will cost no more than Rs 2 crore.